Insurance brokers reported strong Q2 results, with organic growth tailwinds helping both top and bottom lines. But with elevated expectations, strong results appear to be merely table stakes.
Expect a messy first year at MMC post-JLT. But longer term, the opportunity to close the margin gap on acquired and retained revenues is huge relative to earnings on likely lost revenue.
Intermediaries appear caught between the competing pressures of results that speak to an improving market (good for their stocks) and a concern to manage market expectations to the benefit of clients.
